Well I guess if you were one of those stubborn people that did not sell to CHK, for the purposes of holding out for more money then I think you missed your opportunity to get way above market value

MidFirst is the best example of this.

MidFirst is the best example of this.

Ya but its no big deal for Midfirst if they missed out. But as said above its funny to hear about the smaller guy who always thinks there is going to be bigger money around the corner and then ends up with none of it.

Looking at the new 45 degree angle maps on Google, what is the circular structure that is being built east of Lee Avenue between 57th & 59th Streets?

Looking at the new 45 degree angle maps on Google, what is the circular structure that is being built east of Lee Avenue between 57th & 59th Streets?

It will be a large pond.

Long term plans call for another large semi-circular office building on the north shore.

Athletic fields to be to the immediate west.

http://www.okctalk.com/images/pete/chkmaster110112.jpg

http://www.okctalk.com/images/pete/chkaerial12513.jpg

MidFirst is the best example of this.

I thought the poster child was the veterinarian. They made CHK so mad that they built around him, made him perform to the end of his lease, and then bulldozed the strip center.

Oh, and look, a nice outdoor amphitheater! Who on Earth would use that?? I can see the circular lake being there for a 'beauty on campus' look and athletic fields for employee health but an amphitheater? Okie dokie!

PS...looks like there's going to be a traffic circle in the works too. At least someone in this city is building a new traffic circle!

Anybody want to lay odds on if they ever build anymore of that plan then what is already constructed?


the amplitheater seems like it would be a weird place to watch something with a large building on one side of the stage and grass on the other.

My biggest concern about what CHK is doing is that this all comes when their business is going gangbusters. And if history has taught us anything, it's that these rides don't last forever.

What happens if their earnings drop sharply or they are acquired? Then, we'd have tons of things cleared out and nobody to rebuild.

I'm sure they have very grand plans but I'd feel much better if they'd start putting some things up other than structures for their exclusive use. Otherwise, we may have a mini Pei Plan on our hands.

Hmmmm....... February, 2008. Five years ago.

Yep, and although they have rebuilt some (Classen Curve and Whole Foods) there are still big empty lots in place of the two Glenbrook Centre buildings, the Kensington Apartments, the Kings Court condos and dozens of other businesses.

Amazing they just tore down Glenbrook Centre West just as they were selling off the Caliber Center and the Harvey Parkway buildings. They paid about $8 million for that building then demolished it; the underlying land is worth much, much less without the improvements.

I still keep a huge series of spreadsheets on all their transactions and they stand to lose a ton of money over what they originally spent. In almost all cases, they have paid $1 - $2 million per acre and no one is going to offer that sort of money when all this comes back on the market. They took massive losses on the two office buildings they just sold after only holding each about a year.

Yep, and although they have rebuilt some (Classen Curve and Whole Foods) there are still big empty lots in place of the two Glenbrook Centre buildings, the Kensington Apartments, the Kings Court condos and dozens of other businesses.

Amazing they just torn down Glenbrook Centre West just as they were selling off the Caliber Center and the Harvey Parkway buildings. They paid about $8 million for that building then tore it down; the underlying land is worth much, much less without the improvements.

I still keep a huge series of spreadsheets on all their transactions and they stand to lose a ton of money over what they originally spent. In almost all cases, they have paid $1 - $2 million per acre and no one is going to offer that sort of money when all this comes back on the market. They took massive losses on the two office buildings they just sold after only holding each about a year.

Just absolute stupidity on their part to do all of this.

Just this last December -- with the new Board and Chairman breathing down Aubrey's neck -- CHK paid almost $3 million for just under an acre in the I-44/Grand/Western triangle. Just in that area alone, they have spent more than $21 million for a bunch of buildings that are either empty or will be ultimately torn down.

They also bought more property in the condos surrounding NH Plaza and at 50th & Penn in the last few months... All at outrageous prices.

And all the while, they were needing to raise billions just to make cash flow.


I bet once Aubrey is completely out and some time passes, someone will write a book about the crazy excesses of that company.

Hasn't this all stopped now though with Aubrey on the way out and CHK having to seriously reign in expenses?

There hasn't been any new purchases for the last couple of months.

I bet once Aubrey is completely out and some time passes, someone will write a book about the crazy excesses of that company.

Mark Singer's "Funny Money" (Penn Square Bank) comes to mind, as does Bethany McLean's "The Smartest Guys In The Room" (Enron). There will certainly be a book about this, and I'd like to see a collaboration by local guys Pete (database and real estate experience) and Steve (journalism and publishing experience). But reporters from Reuters and the WSJ could give you guys a run for your money.

Steve has an article coming out this Sunday and received some input from me.

However, there is still much we don't know.

Without someone on the inside, we'll never know what kind of deals they struck with Whole Foods and all the CC tenants but it's common knowledge they gave them massive incentives; Aubrey even bought into Balliet's in order to get them to move.

What we do know seems to be the tip of the iceberg.

Are things about to get a lot worse? I thought things were improving with CHK...

I think things are getting much better there, I just meant with all the real estate stuff that's already taken place, we can only see some of the details.

And I think that's true for their spending under Aubrey in general.

Now that he's out of the picture, I'm sure they are much, much more responsible.

OnlyOne - CHK needs to focus on their core business which is nat gas exploration (and increasingly oil). As repeatedly shown by Pete, this has been a very expensive and costly distraction on the part of Chesapeake Land, and it would be wise for them to sell the non-core real estate - even at a loss - and move on.

And there might not be a better time than now. Interest and CAP rates are low, lenders are loosening the purse strings, OKC has a stable economy and our real estate market is cheap compared with most others. I can see institutional investors buying up a portfolio of their office properties, but it will be smaller investors who take the retail (CC & Triangle). Buyers for the Nichols Hills retail, Christian Science Church and multi-family residential will most likely be local investors with NH connections. Unless Aubrey leaves CHK with a controlling interest in Chesapeake Land, all of this is doable. But if he retains an interest in Land he'll need investors, and I know of no one who would go into a partnership with him right now.

A good deal of what is owned by CHK is not controlled by Chesapeake Land Company, as they started buying and shifting ownership to a myriad of other LLC's.

But regardless, I doubt very seriously Aubrey will retain any ownership in the CHK real estate. I think it is all owned by Chesapeake or one of their direct subsidiaries.

You can also bet it's been leveraged to the hilt, just like everything else Chesapeake and Aubrey owns. I would also wager that they will not only take big losses when they sell (has already happened with two office buildings) but they will not even be able to cover the associated debt.

Still, they can get a good chunk of debt off their books by liquidating and that's clearly what they plan to do, at least with the out-lying office buildings. NH Plaza, Classen Curve and the hundreds of commercial parcels they own near but not on their campus will be much more interesting to watch.

For example, what will happen to the church they paid $10 million (!) for? What about the empty lots (Glenbrook, Kensington Apartments, Kings Court Condos, etc.) where they paid tens of millions but now only have land? They still own 18 of 23 condos at Grandmark, to the tune of almost $8 million. Same is true about the Sherwood Arm Condos, where they own all but two and way, way overpaid.

Selling the office buildings should be pretty straight forward, as there is high demand and generally speaking they've spent a ton improving them (like Atrium Towers). It's all the other retail and commercial properties that will be much harder to sell, especially for anywhere near the $1 to $2 million an acre they've paid for them on average.

Here is the new article by Brianna and Steve.

http://www.oklahoman.com/plan-for-area-near-chesapeake-may-go-unrealized/article/3764318


Chesapeake’s plans for the area around its campus included company-owned shopping centers, a hotel, high-end condominiums and a chain of modern convenience stores dubbed “Peake” that would feature pumps with compressed natural gas.

That vision, far from complete, would have complemented a corporate headquarters that features such amenities as a 2.5-acre community garden, a 72,000-square-foot fitness center and a $10 million, 63,000-square-foot employee child care center topped with a steel-tube sculpture spelling the word “Hi.”

Although Chesapeake has said it is slashing costs and selling billions of dollars in assets in the face of a bearish natural gas market and a board shake-up, the company has remained mum about its plans for the hundreds of millions of dollars of real estate it owns in Oklahoma City or for several development projects in various stages of completion.

Chesapeake Energy officials declined to comment on its future real estate development plans to The Oklahoman.




Ward 2 Oklahoma City Councilman Ed Shadid, who represents the area, said he spends a lot of time dealing with issues related to Chesapeake’s expanding presence in his district when the company’s development plans spill over into his constituents’ neighborhoods.

“One peculiarity has certainly been that the city has not seen a complete master plan of what the company envisions,” Shadid said. “If there was a master plan, I think it has changed maybe multiple times. It’s difficult for me to have changed expectations, because it wasn’t clear to me what the master plan was and what it continues to be.”

In that series of articles it also said that although it's unofficial, it's common knowledge that Nichols Hills Plaza, Classen Curve and just about all the Chesapeake properties not a part of their main campus are up for sale.

I'm also hearing good information that they plan to sell the two Grand Park office buildings along I-44 to MidFirst/Midland Mortgage and consolidate their employees into the new buildings in various stages of construction on their campus.

Just this year alone, they will complete space that will effectively double their campus square footage, while at the same time laying off employees, contractors and selling off even more billions in assets. I would expect Atrium Towers to be sold as well, just like they've already done with the recently purchased Caliber Center and Harvey Parkway.

I bet they will also be looking to dump those hundreds of properties north of 63rd and east of Western, the I-44/Grand/Western triangle, the properties at 50th & Western and Penn & NW Expressway and probably even the vacant lots that once were home to the two Glenbrook buildings, the Kensington apartments, etc., etc.

They own a few hundred million in OKC real estate that has nothing to do with their core business and it sounds like since the new board has taken over, they have expressed the strong intention to sell pretty much all of it.

By the way, the article states that Chesapeake is at least a partial owner in Republic.

I bet that's true of several other retailers and restaurants they moved into their properties... I know Aubrey personally bought a piece of Balliet's and Deep Fork.

In the paper version of the business section of the DOK, every weekend there would be a full page ad from Chesapeake with pictures of about 50 new hires.

Does anyone know when that ended? I am trying to figure out when the 'peake' occurred.

In the paper version of the business section of the DOK, every weekend there would be a full page ad from Chesapeake with pictures of about 50 new hires.

Does anyone know when that ended? I am trying to figure out when the 'peake' occurred.

Ended? They had a full page add with new hires in today's business section...

Ended? They had a full page add with new hires in today's business section...

I suppose they could do that for years...appreciate the info and correction. complete cynic in me is waiting for when they take out a full page ad with pics to announce layoffs. wrong on this front I am apparently.

interesting-I have this company completely wrong. noted.

take note everyone they are still hiring and growing? for real?

I had a paper sub until about a year ago..

there are layoffs but they are still growing apparently?

one of you lurkers, please upload a pic of that "hi" thing mentioned in the newsok article. thanks i would love to see the design!

one of you lurkers, please upload a pic of that "hi" thing mentioned in the newsok article. thanks i would love to see the design!


http://ad009cdnb.archdaily.net/wp-content/uploads/2013/01/50ff7a32b3fc4b67690000e3_chesapeake-child-development-center-elliott-associates-architects_chk_cdc_056-528x395.jpg

http://ad009cdnb.archdaily.net/wp-content/uploads/2013/01/50ff793fb3fc4b67690000d9_chesapeake-child-development-center-elliott-associates-architects_chk_cdc_031-400x500.jpg

http://ad009cdnb.archdaily.net/wp-content/uploads/2013/01/50ff778eb3fc4b67690000bf_chesapeake-child-development-center-elliott-associates-architects_chk_cdc_017-400x500.jpg

http://ad009cdnb.archdaily.net/wp-content/uploads/2013/01/50ff7880b3fc4b67690000d1_chesapeake-child-development-center-elliott-associates-architects_chk_cdc_023-374x500.jpg

http://www.okctalk.com/images/pete/chkdaycare1.jpg

http://www.okctalk.com/images/pete/chkdaycare2.jpg

take note everyone they are still hiring and growing? for real?

I had a paper sub until about a year ago..

there are layoffs but they are still growing apparently?



Hiring can happen concurrently with layoffs. The people you are laying off are not the ones you need, obviously, but that doesn't mean you don't need anyone. And it is not a straightforward thing to simply reassign a laid off landman to become a drilling engineer, for instance.

On that note, I noticed that none of the pics in yesterday's paper were landmen...

[QUOTE=blangtang;626306]take note everyone they are still hiring and growing? for real?

I had a paper sub until about a year ago..

there are layoffs but they are still growing apparently?

QUOTE]

Hiring can happen concurrently with layoffs. The people you are laying off are not the ones you need, obviously, but that doesn't mean you don't need anyone. And it is not a straightforward thing to simply reassign a laid off landman to become a drilling engineer, for instance.

On that note, I noticed that none of the pics in yesterday's paper were landmen...



Why do they run the full page ad? Is it some way to try and keep the paper from doing negative reports?

The complete article by Steve and Briana is now available for nonsubscribers.

Unfinished business: Chesapeake, McClendon real estate developments incomplete as company leadership changes | News OK (http://newsok.com/article/3764188)

I wonder if there is any significance to the fact that the original article had Steve's name first and newsok.com had Steve first. LOL

Why do they run the full page ad? Is it some way to try and keep the paper from doing negative reports?

Really?!? I'm sure Steve appreciates that challenge to his journalistic integrity.

People at OPUBCO will tell you their last editor blocked plenty of stories about local businesses.

Until recently, The Oklahoman didn't even have (any, many?) staff reporting on the energy companies.

That has certainly changed under the new ownership and there is definitely more freedom, although they are never going to hit the local companies hard. No local papers do.

Looks like CHK is continuing to dump off-campus office properties:

"Chesapeake Energy is expected to continue shedding certain office properties in the next quarter. Atrium Towers at 63rd and Lake Hefner Parkway and the adjacent former IBC Bank building are reportedly under contract to sell to another locally headquartered company. That transaction, comprising over 200,000 square feet of space, is reported to be in the range of $20,000,000 to $25,000,000. Central Park I & II, containing approximately 237,000 square feet at Interstate 44 and Lincoln, is reportedly under contract to an out of state investor for a similar amount. It is unclear whether other larger corporately owned office assets might be sold in the coming years."

PEC Releases First Quarter Market Statistics - Price Edwards & Company - Price Edwards & Company (http://www.priceedwards.com/blogs/2013/pec-releases-first-quarter-statistics/)


We'll wait to see the final sales price, but even at the high end of the projected range these amounts would represent significant losses.

Did CHK buy back the office building on 63rd and Harvey? The first transaction listed in the article below shows that Chesapeake Land and Development recently bought it. This seems to be contrary to their other recent real estate transactions...

Oklahoma County Land Transactions for April 20 | News OK (http://newsok.com/oklahoma-county-land-transactions-for-april-20/article/3791142)

Very strange reporting, as that deal was from 1/13/12!

Since that time, they sold it to the current owners.


Have no idea why this would be listed as a recent transaction; someone is confused.


Leonard Sullivan Oklahoma County Assessor Real Property Detail Sheet (http://www.oklahomacounty.org/assessor/Searches/AN-R.asp?ACCOUNTNO=R132968000)

Wow this thread has been a fascinating read over the last few pages...

Chesapeake Energy sells twin office buildings for $22 million

Company sells properties for $7 million less than it paid two years ago.

Chesapeake Energy Corp. has sold the twin Central Park office buildings near N Lincoln Boulevard and Interstate 44 for $22 million, taking a $7 million loss on the properties it purchased two years ago.

The six-story office buildings sold to the Florida limited liability company Central Park on Lincoln on May 1, according to property records. Chesapeake purchased the office towers in August 2011 for $29 million. Attempts to reach the buyer were unsuccessful on Wednesday afternoon.

Read the rest of Brianna Bailey's article at: Chesapeake Energy sells twin office buildings for $22 million | News OK (http://newsok.com/chesapeake-energy-sells-twin-office-buildings-for-22-million/article/3807712)

CHK not only paid $7 million more, they also put more than $7 million into them in the form of improvements.

With brokerage commissions they probably received well less than half their $36 million investment back just two years after purchase.

We might have to change the title of this thread.

Yes, should probably be changed to The Rise and Fall of the Chesapeake Empire.

yer left, yer left, yer left, right, ohhh, stubbed me toe.

I don't recall reading this anywhere but it appears that a traffic circle is being poured on Classen Boulevard east of Western at 59th Street, just north of the county juvenile justice facility. I don't know enough about traffic circles but I wonder why the city decided that a circle was the best option to expedite traffic through there.

Technically, it is a roundabout. Traffic circles and roundabouts look similar, but work in very different ways. Lots about them here: http://www.okctalk.com/transportation/30513-friends-better-boulevard.html

Modern roundabouts are great at moving traffic. Come spend some time at NW 10th and Walker and see for yourself.

I stole this recent aerial from Spartan's Instagram account and labeled it.

Red are buildings that have been finished / opened this year or soon will be. You can see it's a massive amount of new space, effectively doubling what they have on their main campus in a year's time. Combined with the sale of big assets and business units, this is why they are in the process of selling most their satellite office buildings.

Also, they own the two Grand Park buildings and there has been speculation they may sell those to the Mid* companies to accommodate their growth. They own pretty much everything all the way to the RR tracks to the east and we had previously posted a master plan that showed plenty more full-block buildings and garages, but all that seems to be on indefinite hold.

They did finally acquire the collision center, one of the very last hold-outs... $2 million for less than an acre. Closed in April so this was still on Aubrey's watch.

Work seems to have pretty much stopped on their pond and no new construction has commenced since the new board and chairman were put into place.

You can see the Classen roundabout and how they are converting Shartel into a divided main N/S thoroughfare through the east campus, with the other N/S streets no longer going completely through, with the exception of Classen.

http://www.okctalk.com/images/pete/chk71113.jpg

Here are the structures under construction or very recently finished:

Building #1
http://www.okctalk.com/images/pete/chkbldg1a.jpg

Building #14
http://www.okctalk.com/images/pete/chkbldg14.jpg

Building #15
http://www.okctalk.com/images/pete/chkbldg15.jpg

RTC Lab
http://www.okctalk.com/images/pete/chkrtc.jpg

Data Center
http://www.okctalk.com/images/pete/chkdaa.jpg

Garage #3
http://www.okctalk.com/images/pete/chkgarage3.jpg

Garage #5
http://www.okctalk.com/images/pete/chkgarage5.jpg

I think the deal was they were going to finish all the buildings they started and then not start any more until NG prices go back up. I know there was a plan for another fitness center and an HR building near the pond, but that is about it.

I have several friends who went to Skyline, the restaurant atop Building 14 and said it was very nice, well run and cheap, like the rest of CHK's restaurants.

Skyline on the 6th floor of Building #14 is actually three different dining concepts...

Italian Bistro:
https://fbcdn-sphotos-h-a.akamaihd.net/hphotos-ak-frc1/406777_545885595433072_245319361_n.jpg

Mongolian Grill:
https://fbcdn-sphotos-h-a.akamaihd.net/hphotos-ak-prn1/421838_545886545432977_260110038_n.jpg

Asian Bistro / Sushi Bar:
https://fbcdn-sphotos-e-a.akamaihd.net/hphotos-ak-ash3/550592_545886742099624_1748704583_n.jpg


https://irs0.4sqi.net/img/general/width960/53461686_Q1JD9Fyj_TbgAqz7x8YhFcEmvmlQJq64sNikj4hfI fc.jpg

Sorry I couldn't pan to Western, we were flying on the diagonal flight path coming in from Chicago and my little window had a 5 second view of that..

Here are updated aerials taken on 5/22/13
Moore, Oklahoma Tornado | Google Crisis Map (http://goo.gl/saUYg)

I am curious what CHK will finish out and what they will do with the excess land. There are two full city block between the retention pond and the data center and another full block between the pond and parking garage #5.

I am curious what CHK will finish out and what they will do with the excess land. There are two full city block between the retention pond and the data center and another full block between the pond and parking garage #5.

They are planning to finish out everything that's currently coming out of the ground. I imagine they'll keep the empty lots for future expansion if necessary, no reason to sell them. They are tucked between the back edge of CHK and the railroad tracks so its not exactly prime real estate. The only way I seem them selling is if mid first was interested in expanding.

MidFirst owns the big chunk of land directly north of it's HQ. Plenty of room to build if need be.

And even if CHK doesn't want to sell them the Grand Park buildings (which still may happen) there are several other small properties directly west of MidFirst (old Home Builders, a couple of others) that are not really being used by Chesapeake.

There seems to be plenty of room for both these companies to expand in this general area.

Took all these yesterday.

Now that a lot of the properties east of Classen (all the large-scale projects) are finishing up, the whole campus is really starting to take shape. I have to say, it's very, very impressive. And as I walked around taking it all in, I looked over at the Harvey Parkway building where Aubrey McClendon now offices -- and looks out upon the CHK campus -- and couldn't help but feel sympathy for him not being able to see this all the way through. Tons and tons of attention to detail and I know AKM had a lot of involvement in the decisions.



http://www.okctalk.com/images/pete/chk71113.jpg



This is Building #1 (CHK naming convention) that is wrapping up and will be the last piece of the central campus.
http://www.okctalk.com/images/pete/chka1.jpg


http://www.okctalk.com/images/pete/chka2.jpg

Cookout / event spot on the north end of the track:
http://www.okctalk.com/images/pete/chka3.jpg


http://www.okctalk.com/images/pete/chka4.jpg

Building #13; houses one of the newer restaurants:
http://www.okctalk.com/images/pete/chka5.jpg


http://www.okctalk.com/images/pete/chka6.jpg

"Profitable and Efficient Growth".
http://www.okctalk.com/images/pete/chka7.jpg

Building #14
http://www.okctalk.com/images/pete/chka8.jpg

Building #14 with Skyline Restaurant jutting out at the top.
http://www.okctalk.com/images/pete/chka9.jpg

Building #14 -- better view of top-level Skyline Restaurant. Note the roof-top patio.
http://www.okctalk.com/images/pete/chka21.jpg

Parking Garage #3. Features really slick translucent glass all around.
http://www.okctalk.com/images/pete/chka10.jpg

Parking Grage #5 and view from Skyline Restaurant.
http://www.okctalk.com/images/pete/chka11.jpg

Child Development center.
http://www.okctalk.com/images/pete/chka12.jpg

Looking West.
http://www.okctalk.com/images/pete/chka13.jpg

Building #15.
http://www.okctalk.com/images/pete/chka14.jpg

What looks like a fountain in a new roundabout on Shartel.
http://www.okctalk.com/images/pete/chka15.jpg

RTC Lab looking down Shartel.
http://www.okctalk.com/images/pete/chka16.jpg

Community Garden with Data Center in background. That's Aubrey McClendon's new office space in the gray building (Harvey Parkway).
http://www.okctalk.com/images/pete/chka17.jpg

Looking east.
http://www.okctalk.com/images/pete/chka18.jpg

Child Development Center.
http://www.okctalk.com/images/pete/chka19.jpg

Building #15 and new roundabout on Classen.
http://www.okctalk.com/images/pete/chka20.jpg

Pete - thanks for taking pictures of all the new buildings. I drive by the buildings all the time, but never get to enjoy them completely.

BTW, all the buildings and structures shown are occupied except for:

Building #15
Garage #5
RTC Lab
Data Center


As they are all getting close -- and #15 will be the largest office structure on their campus -- I would expect CHK to consolidate a lot of employees that are now housed in the various off-campus office buildings and then sell most of them. Atrium Towers and the property immediately west is very likely to be shed as well as some others.

And of course, they continue to sell assets and have at least minor layoffs so they may not even need the two Grand Park buildings when everything is complete and the dust settled. In that case, they may very well sell them to MidFirst / Midland, as Grand Park 1 & 2 sit right between their two existing buildings.

As I've long suspected, looks like MidFirst / Midland Mortgage will be acquiring properties from Chesapeake to consolidate their employees and for future growth.

Most likely, One and Two Grand Park will be sold to them, along with some smaller properties that sit between the Mid* holdings.

This makes the most sense for everyone involved, but also pretty much ends the rumors about Mid* moving downtown.


Still expect Chesapeake to spin off the Atrium Towers (NW Expressway & 63rd) and most of their other out-lying properties, including Nichols Hills Plaza and Classen Curve.

http://www.okctalk.com/images/pete/chk71113.jpg

Pete, is this just a rumor or is there some factual evidence this will happen? I work in one of the buildings mentioned so I'm interested to know how likely this is.

Pete, is this just a rumor or is there some factual evidence this will happen? I work in one of the buildings mentioned so I'm interested to know how likely this is.

I heard this from a very good source at MidFirst who has always been spot-on with information.


Remember, Chesapeake is laying people off in what appears to be significant numbers just as they are about to complete four very large buildings on their campus: Building #1, Building #15, the RTC Lab and the Data Center. All of those should be open by the end of the year or soon thereafter. They just opened Building #14, which is by far the largest building on their campus.

They have also pledged to sell more assets over the next year.

What has become a trend of surplus real estate sales is welcome news after so many years of bewildering acquisitions, construction and leasing activity.

Just read that a significant percentage of the CHK employees in Atrium Tower South have been laid off.


I believe the dominoes will soon begin to fall in terms of selling off a lot of their off-campus properties.

The just opened Building #14 -- their largest to date -- and Building #15 will be larger still and should be complete by the end of the year. As will Building #1, the Data Center and Central Plant and another huge parking structure, after just opening another bigee just last month.

So, fewer employees and lots more campus office space means they certainly will consolidate back to the main campus, sell off Atrium Towers and probably the two Grand Park buildings that sit between the MidFirst and Midland Mortgage HQ's.

From there, you can bet they will get serious about that I-44/Grand/Western triangle which is largely vacant, NH Plaza, Classen Curve and the hundreds of smaller properties located near their campus.

I bet we'll see a bunch of larger deals announced in the very near future.

Just read that a significant percentage of the CHK employees in Atrium Tower South have been laid off.


I believe the dominoes will soon begin to fall in terms of selling off a lot of their off-campus properties.

The just opened Building #14 -- their largest to date -- and Building #15 will be larger still and should be complete by the end of the year. As will Building #1, the Data Center and Central Plant and another huge parking structure, after just opening another bigee just last month.

So, fewer employees and lots more campus office space means they certainly will consolidate back to the main campus, sell off Atrium Towers and probably the two Grand Park buildings that sit between the MidFirst and Midland Mortgage HQ's.

From there, you can bet they will get serious about that I-44/Grand/Western triangle which is largely vacant, NH Plaza, Classen Curve and the hundreds of smaller properties located near their campus.

I bet we'll see a bunch of larger deals announced in the very near future.

This new leadership is just "trimming the fat" for the new Wall Stree Boys. They want a liener business for the coming business cycles. Don't get TOO concerned about what they are doing. The climate in the O&G community is one of growth now, and for the next 10 years. The other people that get CHK laid off, will walk across the street and help Aubrey M. w/ his new company AEP.